Bitcoin News: A massive $1.26 billion sale of BlackRock’s IBIT was likely a rapid exit by a large investor, NYDIG says
A $1.26 billion off-exchange sale of BlackRock’s iShares Bitcoin Trust (IBIT) on May 26 likely reflected a large holder’s urgent exit from bitcoin exposure, according to NYDIG, rather than a hedge-fund basis trade unwind. The block involved 29.21 million shares at $43.16, a 2.3% discount to the market price, implying about $29.5 million in execution costs and suggesting speed and certainty were prioritized over price. NYDIG argued the discount and lack of matching activity in CME bitcoin futures do not fit a basis-trade unwind. The trade, executed through the FINRA/Nasdaq TRF Carteret facility, came amid persistent U.S. spot bitcoin ETF outflows and falling bitcoin prices. NYDIG said public data cannot identify the seller or determine whether the sale was driven by redemptions, risk management, or a discretionary reduction in bitcoin exposure.
